Predictive Maintenance Market Size Worth $28.24 Billion by 2025: Grand View Research, Inc.

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Nov 28, 2019, 06:05 ET

SAN FRANCISCO, Nov. 28, 2019 /PRNewswire/ -- The global predictive maintenance market size is expected to be valued at USD 28.24 billion by 2025, expanding at a CAGR of 37.9% over the forecast period, according to a study conducted by Grand View Research, Inc. Growing demand for IoT and big data along with rising concerns in the organizations regarding asset maintenance and operational costs is expected to drive the growth. Moreover, deployment of predictive maintenance solutions can help organizations in reducing the downtime costs by accurately predicting asset failures.

Key suggestions from the report:

A rise in deployment of customized predictive maintenance solutions is the key trend driving the growth of the integrated segment
Training and consulting services segment is expected to reach USD 1,991.8 million by 2025 owing to the growing need for skilled workforce for operating predictive maintenance solutions
Demand for cloud-based predictive maintenance solutions is likely to witness a rise owing to cost-effectiveness and easy maintenance of produced data through these solutions
Small and medium enterprise segment is projected to witness remarkable growth over the forecast period owing to reduce the operational costs associated with downtimes
Growth of the aerospace and defense segment is being driven by the growing demand for effective flight operation and avoidance of mishaps or accidents due to failure of any component within the airplane
Asia Pacific predictive maintenance market is anticipated to witness the highest growth owing to rising adoption of deep learning and artificial intelligence technologies in the region
Key players operating in the market include IBM Corporation; Microsoft Corporation; SAP ERP; General Electric Company; Siemens AG; Schneider Electric SE; Software AG; Accenture plc; Honeywell International Inc.; and Cisco Systems, Inc.

Read 140 page research report with ToC on "Predictive Maintenance Market Size, Share & Trends Analysis Report By Solution (Integrated, Standalone), By Service, By Deployment, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/predictive-maintenance-market

The deployment of predictive maintenance solutions is not limited to the manufacturing sector. These solutions are now increasingly being deployed in energy and utilities, IT and telecommunication, and automotive and transportation, among others. Growing adoption of these solution in various sectors is anticipated to support the market growth over the forecast period.

Companies operating in the predictive maintenance market are also integrating sensor-based technologies with the predictive maintenance solutions to deliver an efficient solution to users. Additionally, the venders are also investing in R&D of remote maintenance solutions. The remote predictive maintenance solution is anticipated to support the maintenance activities in remote locations and also for unsafe working conditions.

Grand View Research has segmented the global predictive maintenance market on the basis of solution, service, deployment, enterprise size, end use, and region:

Predictive Maintenance Solution Outlook (Revenue, USD Million, 2014 - 2025)

Integrated
Standalone

Predictive Maintenance Service Outlook (Revenue, USD Million, 2014 - 2025)

Deployment/Installation
Support & Maintenance
Training & Consulting

Predictive Maintenance Deployment Outlook (Revenue, USD Million, 2014 - 2025)

Cloud
On-premise

Predictive Maintenance Enterprise Size Outlook (Revenue, USD Million, 2014 - 2025)

Small and Medium Enterprises
Large Enterprises

Predictive Maintenance End Use Outlook (Revenue, USD Million, 2014 - 2025)

Aerospace & Defense
Automotive & Transportation
Energy & Utilities
Healthcare
IT & Telecommunication
Manufacturing
Oil & Gas
Others

Predictive Maintenance Region Outlook (Revenue, USD Million, 2014 - 2025)

North America

U.S.
Canada

Europe

U.K.
Germany

Asia Pacific

Japan
China
India

Latin America

Brazil

Middle East & Africa

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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